Ask a Divorce Attorney – High Asset Property Division Cases
Assessing the Costs of Litigation
High Asset Divorces in California require an evaluation at the outset of the case to determine how much money should be spent in the event that one or more of the issues require litigation in family court. This is important because high asset divorce cases can become very expensive very fast depending on the attorneys involved and the complexity of the issues.
A good family lawyer will give you realistic expectations and let you know when it is smart to put up a fight and when it is better to concede an issue because the cost of litigation is greater than the potential benefit even considering a good courtroom result.
Value of Association of Experts
Many high asset divorce cases involve more complex issues such as business appraisal and division, stock options, complex retirement, pension and deferred compensation plans, and comingling of separate with community interests. In many of these cases, the most efficient way to plan case strategy begins with the selection of the right experts to supplement your divorce lawyer’s expertise. In many cases choosing the right expert and using him or her effectively can make or break your case.
Value of Mediation or Collaborative Divorce
Anyone going through a divorce should always consider the option of mediation prior to pursuing expensive litigation. So long as both sides are properly represented throughout the mediation process, a mediated settlement could potentially save tens of thousands of dollars in legal fees. While not every case can be successfully mediated, settlement should always be at the forefront of the legal plan for your divorce—mediation through the collaborative law process is generally the quickest way to settlement.
Division of Business Interests in a California Divorce
In California divorce cases, any business started during the marriage by either party is considered to be a community property asset subject to division according to community property law. This issue can be complex depending on the type of business and how the business is run. If you have a business subject to division as part of your divorce it is imperative that you discuss the details with an experienced California divorce lawyer.
Special Considerations for the “Supported Spouse”
Most traditional long term relationships ending in divorce involve one spouse that has always been the one primarily managing the marital assets. Often the supported spouse has absolutely no idea what is going on with the marital assets until the divorce is filed and financial information exchanged. For these clients it is of the upmost importance to ensure that a full discovery of assets is achieved. It is also very important that the supported spouse have a sound financial plan moving forward into single life.